Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'VSE Corporation | ' |
Entity Central Index Key | '0000102752 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Public Float | ' | $191,700,000 |
Entity Common Stock, Shares Outstanding | 5,355,698 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $302 | $220 |
Receivables, principally U.S. Government, net | 62,134 | 78,387 |
Inventories | 44,108 | 39,315 |
Deferred tax assets | 1,101 | 863 |
Other current assets | 10,515 | 10,641 |
Total current assets | 118,160 | 129,426 |
Property and equipment, net | 55,470 | 57,738 |
Intangible assets, net | 77,175 | 82,257 |
Goodwill | 92,052 | 92,052 |
Deferred tax assets | 2,994 | 2,545 |
Other assets | 17,320 | 16,511 |
Total assets | 363,171 | 380,529 |
Liabilities and stockholders' equity | ' | ' |
Current portion of long-term debt | 27,962 | 24,837 |
Accounts payable | 25,460 | 31,757 |
Current portion of earn-out obligations | 1,486 | 0 |
Accrued expenses and other current liabilities | 22,816 | 24,661 |
Dividends payable | 536 | 480 |
Total current liabilities | 78,260 | 81,735 |
Long-term debt, less current portion | 39,108 | 64,487 |
Deferred compensation | 12,550 | 11,454 |
Long-term lease obligations, less current portion | 25,139 | 25,721 |
Earn-out obligations, less current portion | 8,363 | 9,062 |
Other liabilities | 1,386 | 1,267 |
Total liabilities | 164,806 | 193,726 |
Stockholders' equity | ' | ' |
Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 5,355,698 and 5,333,077 respectively | 268 | 267 |
Additional paid-in capital | 20,199 | 19,139 |
Retained earnings | 177,898 | 167,598 |
Accumulated other comprehensive loss | 0 | -201 |
Total stockholders' equity | 198,365 | 186,803 |
Total liabilities and stockholders' equity | $363,171 | $380,529 |
Unaudited_Consolidated_Balance1
Unaudited Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Stockholders' equity | ' | ' |
Common stock, par value (in dollars per share) | $0.05 | $0.05 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 5,355,698 | 5,333,077 |
Common stock, outstanding (in shares) | 5,355,698 | 5,333,077 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Services | $65,624 | $80,630 | $144,388 | $161,846 |
Products | 42,338 | 38,432 | 82,983 | 76,373 |
Total revenues | 107,962 | 119,062 | 227,371 | 238,219 |
Contract costs: | ' | ' | ' | ' |
Services | 62,412 | 73,854 | 137,309 | 151,072 |
Products | 34,069 | 31,701 | 66,783 | 63,266 |
Total contract costs | 96,481 | 105,555 | 204,092 | 214,338 |
Selling, general and administrative expenses | 778 | 806 | 1,219 | 1,238 |
Operating income | 10,703 | 12,701 | 22,060 | 22,643 |
Interest expense, net | 1,090 | 1,481 | 2,287 | 3,058 |
Income from continuing operations before income taxes | 9,613 | 11,220 | 19,773 | 19,585 |
Provision for income taxes | 3,669 | 4,257 | 7,560 | 7,351 |
Income from continuing operations | 5,944 | 6,963 | 12,213 | 12,234 |
Loss from discontinued operations, net of tax | -279 | -101 | -894 | -114 |
Net income | $5,665 | $6,862 | $11,319 | $12,120 |
Basic earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.11 | $1.31 | $2.28 | $2.30 |
Loss from discontinued operations (in dollars per share) | ($0.05) | ($0.02) | ($0.17) | ($0.02) |
Net income (in dollars per share) | $1.06 | $1.29 | $2.11 | $2.28 |
Basic weighted average shares outstanding (in shares) | 5,355,698 | 5,333,077 | 5,351,589 | 5,325,275 |
Diluted earnings per share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.11 | $1.30 | $2.28 | $2.29 |
Loss from discontinued operations (in dollars per share) | ($0.05) | ($0.02) | ($0.17) | ($0.02) |
Net income (in dollars per share) | $1.06 | $1.28 | $2.11 | $2.27 |
Diluted weighted average shares outstanding (in shares) | 5,368,166 | 5,340,060 | 5,366,306 | 5,334,797 |
Dividends declared per share (in dollars per share) | $0.10 | $0.09 | $0.19 | $0.17 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $5,665 | $6,862 | $11,319 | $12,120 |
Change in fair value of interest rate swap agreements | 43 | 146 | 201 | 304 |
Comprehensive income | $5,708 | $7,008 | $11,520 | $12,424 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $11,319 | $12,120 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 9,554 | 10,102 |
Loss on Disposition of Property Plant Equipment, Total | 34 | 233 |
Deferred taxes | -812 | -577 |
Stock-based compensation cost, net | 1,488 | 907 |
Earn-out obligation adjustment | 787 | 58 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 16,253 | 10,545 |
Inventories | -4,793 | 264 |
Other current assets and noncurrent assets | -1,026 | -2,947 |
Accounts payable and deferred compensation | -5,201 | -2,875 |
Accrued expenses and other current liabilities | -1,219 | -2,814 |
Other liabilities | 119 | -349 |
Long-term lease obligations | -567 | -500 |
Net cash provided by operating activities | 25,936 | 24,167 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -1,828 | -2,489 |
Net cash used in investing activities | -1,828 | -2,489 |
Cash flows from financing activities: | ' | ' |
Borrowings on loan arrangement | 142,039 | 139,037 |
Repayments on loan arrangement | -164,375 | -160,487 |
Payments on capital lease obligations | -413 | -356 |
Payment of taxes for equity transactions | -314 | -257 |
Dividends paid | -963 | -850 |
Net cash used in financing activities | -24,026 | -22,913 |
Net increase (decrease) in cash and cash equivalents | 82 | -1,235 |
Cash and cash equivalents at beginning of period | 220 | 1,501 |
Cash and cash equivalents at end of period | $302 | $266 |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Business and Basis of Presentation [Abstract] | ' |
Nature of Business and Basis of Presentation | ' |
(1) Nature of Business and Basis of Presentation | |
Our business is focused on providing sustainment services for legacy systems and equipment and professional and technical services to the United States Department of Defense ("DoD"), the United States Postal Service ("USPS"), federal civilian agencies, and other customers. Our operations consist primarily of vehicle fleet parts, supply chain management, vehicle and equipment maintenance and refurbishment, logistics, engineering, energy and environmental, IT solutions, health care IT, and consulting services performed on a contract basis. Substantially all of our contracts are with United States Government ("government") agencies and other government prime contractors. | |
Our accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six-months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. For further information refer to the consolidated financial statements and footnotes thereto included in our 2013 Form 10-K. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include accruals for contract disallowance reserves, recoverability of goodwill and intangible assets and earn-out obligations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
(2) Debt | |
We have a loan agreement with a group of banks that was entered into in June 2011 to fund our acquisition of Wheeler Bros., Inc ("WBI") and provide working capital for our continuing operations. The loan agreement, which expires in June 2016, consists of a term loan facility and a revolving loan facility that also provides us with letters of credit. Financing costs associated with the loan inception of approximately $1.7 million were capitalized and are being amortized over the five-year life of the loan. | |
The term loan requires quarterly installment payments. Our scheduled term loan payments after June 30, 2014 are $12.5 million in 2014 and $34.4 million in 2015. The amount of our term loan borrowings outstanding as of June 30, 2014 was approximately $46.9 million. The amount of term loan borrowings outstanding as of December 31, 2013 was approximately $59.4 million. | |
The maximum amount of credit available to us from the banking group for revolving loans and letters of credit as of June 30, 2014 was $125 million. The loan agreement provides that we may elect to increase this maximum to $175 million. Under the loan agreement terms, we may borrow revolving loan amounts at any time and can repay the borrowings at any time without premium or penalty. We pay an unused commitment fee and fees on letters of credit that are issued. We had approximately $20.5 million in revolving loan amounts outstanding and no letters of credit outstanding as of June 30, 2014. We had approximately $30.3 million in revolving loan amounts outstanding and $573 thousand of letters of credit outstanding as of December 31, 2013. | |
Total bank loan borrowed funds outstanding as of June 30, 2014, including term loan borrowings and revolving loan borrowings, were approximately $67.4 million. Total bank loan borrowed funds outstanding as of December 31, 2013 were $89.7 million. The fair value of outstanding debt under our bank loan facilities as of June 30, 2014 approximates its carrying value using Level 2 inputs based on market data on companies with a corporate rating similar to ours that have recently priced credit facilities. | |
We pay interest on the term loan borrowings and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of June 30, 2014, the LIBOR base margin is 1.75% and the base rate base margin is 0.0%. The base margins may increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. | |
We had interest rate hedges on a portion of our outstanding borrowings that expired June 30, 2014. After June 30, 2014, none of our outstanding borrowing was hedged. As of June 30, 2014, interest rates on portions of our outstanding debt ranged from 1.9% to 3.25%, and the effective interest rate on our aggregate outstanding debt was 2.07%. | |
Interest expense incurred on bank loan borrowings and interest rate hedges was approximately $586 thousand and $1.3 million for the three- and six-month periods ended June 30, 2014, respectively, and approximately $987 thousand and $2 million for the three- and six-month periods ended June 30, 2013, respectively. | |
The loan agreement contains collateral requirements by which we pledge our assets as security, restrictive financial covenants, and other affirmative and negative covenants, conditions, and limitations. Restrictive covenants include a limit on annual dividends, a maximum Total Funded Debt/EBITDA Ratio, a minimum Fixed Charge Coverage Ratio, and a minimum Asset Coverage Ratio. We were in compliance with the financial covenants and other loan agreement terms and conditions at June 30, 2014. | |
Stockbased_Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2014 | |
Stock-based Compensation [Abstract] | ' |
Stock-based Compensation | ' |
(3) Stock-based Compensation | |
In January of every year since 2007, we have notified certain employees that they are eligible to receive restricted stock awards under our 2006 Restricted Stock Plan based on the return on stockholders' equity for the respective fiscal years. These awards are expensed and a corresponding liability is recorded ratably over the vesting period of approximately three years. Upon issuance of restricted stock on each vesting date, the liability is reduced and additional paid-in capital is increased. On March 2, 2014, the employees eligible for the restricted stock awards based on the financial performance of 2011, 2012 and 2013, received a total of 12,221 shares of restricted common stock. | |
We also have awarded restricted stock to our non-employee Directors under the 2004 Non-Employee Directors Stock Plan. On January 2, 2014, the non-employee Directors received 10,400 shares of restricted common stock in the aggregate. Compensation expense related to this award was approximately $486 thousand. | |
The compensation expense related to all restricted stock awards discussed above and included in contract costs was approximately $440 thousand and $1.5 million for the three- and six-month periods ended June 30, 2014, respectively, and approximately $240 thousand and $907 thousand for the three- and six-month periods ended June 30, 2013, respectively. | |
Employees are permitted to forfeit a certain number of shares to cover their personal tax liability for restricted stock awards. We paid approximately $314 thousand and $257 thousand, to cover this liability during the six months ended June 30, 2014 and 2013, respectively. These payments are classified as financing cash flows on the consolidated statements of cash flows. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
(4) Earnings Per Share | |||||||||
Basic earnings per share ("EPS") have been computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of restricted stock awards. | |||||||||
Three months | Six months | ||||||||
ended June 30, | ended June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic weighted average common shares outstanding | 5,355,698 | 5,333,077 | 5,351,589 | 5,325,275 | |||||
Effect of dilutive shares | 12,468 | 6,983 | 14,717 | 9,522 | |||||
Diluted weighted average common shares outstanding | 5,368,166 | 5,340,060 | 5,366,306 | 5,334,797 |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
(5) Commitments and Contingencies | |
Contingencies | |
We are one of the primary defendants in a multiple plaintiff wrongful death action in Hawaii related to a fireworks explosion that occurred in April 2011 at a facility operated by one of our subcontractors, which resulted in the death of five subcontractor employees. The litigation is in the early stages, but at this time we believe it is not probable that this litigation will have a material adverse effect on our results of operations or financial position. | |
On or about March 8, 2013, a lawsuit, Anchorage v. Integrated Concepts and Research Corporation, et al., was filed in the Superior Court for the State of Alaska at Anchorage by the Municipality of Anchorage, Alaska against our wholly owned subsidiary Integrated Concepts and Research Corporation ("ICRC") and two former subcontractors of ICRC. With respect to ICRC, the lawsuit asserts, among other things, breach of contract, professional negligence and negligence in respect of work and services ICRC rendered on the Port of Anchorage Intermodal Expansion Contract with the Maritime Administration, a federal agency with the United States Department of Transportation. In April 2013, ICRC removed the case to the United States District Court for the District of Alaska. ICRC's contract with the Maritime Administration expired on May 31, 2012. ICRC did not have a contract with the municipality of Anchorage. Because of the preliminary stage of this lawsuit, we cannot currently determine whether it will have a material adverse effect on our results of operations or financial position. | |
In addition to the above-referenced litigation, we have, in the normal course of business, certain claims against us and against other parties and we may be subject to various governmental investigations. In our opinion, the resolution of these claims and investigations will not have a material adverse effect on our results of operations or financial position. However, the results of any legal proceedings cannot be predicted with certainty. |
Business_Segments_and_Customer
Business Segments and Customer Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Segments and Customer Information [Abstract] | ' | ||||||||||||||||
Business Segments and Customer Information | ' | ||||||||||||||||
(6) Business Segments and Customer Information | |||||||||||||||||
Business Segments | |||||||||||||||||
Management of our business operations is conducted under four reportable operating segments: | |||||||||||||||||
Supply Chain Management Group – Our Supply Chain Management Group supplies vehicle parts primarily through a Managed Inventory Program ("MIP") to USPS and direct sales to other clients. | |||||||||||||||||
International Group - Our International Group provides engineering, industrial, logistics and foreign military sales services to the U.S. military and other government agencies. | |||||||||||||||||
Federal Group - Our Federal Group provides legacy equipment sustainment, engineering, technical, management, integrated logistics support and information technology services to DoD and other government agencies. | |||||||||||||||||
IT, Energy and Management Consulting Group – Our IT, Energy and Management Consulting Group provides technical and consulting services primarily to various civilian government agencies. | |||||||||||||||||
These segments operate under separate management teams and financial information is produced for each segment. The entities within each of the Supply Chain Management Group, International Group, Federal Group, and IT, Energy and Management Consulting Group reportable segments meet the aggregation of operating segments criteria as defined by the accounting standard for segment reporting. We evaluate segment performance based on consolidated revenues and operating income. Net sales of our business segments exclude intersegment sales as these activities are eliminated in consolidation. | |||||||||||||||||
Our segment information for the three- and six-months ended June 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three months | Six months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Supply Chain Management Group | $ | 42,313 | $ | 36,891 | $ | 82,936 | $ | 74,594 | |||||||||
International Group | 26,794 | 36,239 | 61,510 | 71,629 | |||||||||||||
Federal Group | 23,137 | 26,817 | 51,692 | 54,388 | |||||||||||||
IT, Energy and Management Consulting Group | 15,718 | 19,115 | 31,233 | 37,608 | |||||||||||||
Total revenues | $ | 107,962 | $ | 119,062 | $ | 227,371 | $ | 238,219 | |||||||||
Operating income: | |||||||||||||||||
Supply Chain Management Group | $ | 7,697 | $ | 6,974 | $ | 15,518 | $ | 13,129 | |||||||||
International Group | 759 | 1,473 | 3,148 | 3,166 | |||||||||||||
Federal Group | 887 | 2,510 | 1,216 | 3,641 | |||||||||||||
IT, Energy and Management Consulting Group | 1,832 | 2,492 | 3,285 | 3,731 | |||||||||||||
Corporate/unallocated expenses | (472 | ) | (748 | ) | (1,107 | ) | (1,024 | ) | |||||||||
Operating income | $ | 10,703 | $ | 12,701 | $ | 22,060 | $ | 22,643 | |||||||||
Customer Information | |||||||||||||||||
Our revenue by customer is as follows (in thousands): | |||||||||||||||||
Three months | Six months | ||||||||||||||||
ended June 30, | ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Source of Revenues | |||||||||||||||||
Army/Army Reserve | $ | 28,026 | $ | 28,161 | $ | 61,724 | $ | 59,754 | |||||||||
U.S. Navy | 24,142 | 27,745 | 48,756 | 53,149 | |||||||||||||
U.S. Air Force | 809 | 3,228 | 1,605 | 6,407 | |||||||||||||
Total - DoD | 52,977 | 59,134 | 112,085 | 119,310 | |||||||||||||
U.S. Postal Service | 41,263 | 34,446 | 80,592 | 68,828 | |||||||||||||
Department of Energy | 4,923 | 5,214 | 9,549 | 10,106 | |||||||||||||
Department of Treasury | 573 | 9,302 | 8,931 | 18,811 | |||||||||||||
Department of Interior | 500 | 2,809 | 695 | 5,544 | |||||||||||||
Other government | 6,788 | 7,577 | 13,772 | 14,466 | |||||||||||||
Total – Federal civilian agencies | 54,047 | 59,348 | 113,539 | 117,755 | |||||||||||||
Commercial | 938 | 580 | 1,747 | 1,154 | |||||||||||||
Total | $ | 107,962 | $ | 119,062 | $ | 227,371 | $ | 238,219 | |||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
(7) Goodwill and Intangible Assets | |||||||||||||||||
There were no changes in goodwill for the six months ended June 30, 2014. Goodwill by operating segment as of December 31, 2013 and June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Supply Chain Management | IT, Energy and Management Consulting | Total | |||||||||||||||
Balance as of December 31, 2013 | $ | 61,169 | $ | 30,883 | $ | 92,052 | |||||||||||
Balance as of June 30, 2014 | $ | 61,169 | $ | 30,883 | $ | 92,052 | |||||||||||
Intangible assets consist of the value of contract-related assets, acquired technologies and trade names. Amortization expense was approximately $2.6 million and $5.1 million for the three- and six-month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Intangible assets were comprised of the following (in thousands): | |||||||||||||||||
Cost | Accumulated Amortization | Accumulated | Net Intangible Assets | ||||||||||||||
Impairment Loss | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Contract and customer-related | $ | 93,304 | $ | (30,064 | ) | $ | (1,025 | ) | $ | 62,215 | |||||||
Acquired technologies | 12,400 | (3,460 | ) | - | 8,940 | ||||||||||||
Trade names – amortizable | 10,100 | (4,080 | ) | - | 6,020 | ||||||||||||
Total | $ | 115,804 | $ | (37,604 | ) | $ | (1,025 | ) | $ | 77,715 | |||||||
31-Dec-13 | |||||||||||||||||
Contract and customer-related | $ | 93,304 | $ | (26,287 | ) | $ | (1,025 | ) | $ | 65,992 | |||||||
Acquired technologies | 12,400 | (2,896 | ) | - | 9,504 | ||||||||||||
Trade names – amortizable | 10,100 | (3,339 | ) | - | 6,761 | ||||||||||||
Total | $ | 115,804 | $ | (32,522 | ) | $ | (1,025 | ) | $ | 82,257 |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
(8) Fair Value Measurements | |||||||||||||
The accounting standard for fair value measurements defines fair value, and establishes a market-based framework or hierarchy for measuring fair value. The standard is applicable whenever assets and liabilities are measured at fair value. | |||||||||||||
The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: | |||||||||||||
Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities; | |||||||||||||
Level 2 – Observable inputs other than the quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets and amounts derived from valuation models where all significant inputs are observable in active markets; and | |||||||||||||
Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. | |||||||||||||
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 and the level they fall within the fair value hierarchy (in thousands): | |||||||||||||
Amounts Recorded at Fair Value | Financial Statement Classification | Fair Value Hierarchy | Fair Value June 30, 2014 | Fair Value December 31, 2013 | |||||||||
Non-COLI assets held in DSC Plan | Other assets | Level 1 | $ | 232 | $ | 198 | |||||||
Interest rate swaps | Accrued expenses | Level 2 | - | $ | 326 | ||||||||
Earn-out obligation - current | Current portion of earn-out obligations | Level 3 | $ | 1,486 | - | ||||||||
Earn-out obligation - long-term | Earn-out obligations | Level 3 | $ | 8,363 | $ | 9,062 | |||||||
Changes in the fair value of the Non-COLI assets held in the deferred supplemental compensation plan, as well as changes in the related deferred compensation obligation, are recorded as selling, general and administrative expenses. | |||||||||||||
Our interest rate swap agreements expired on June 30, 2014. The amounts paid and received on the swap agreements were recorded in interest expense as yield adjustments in the period during which the related floating-rate interest was incurred. We determined the fair value of the swap agreements based on a valuation model using market data inputs. | |||||||||||||
Our acquisition of WBI in 2011 will require us to make additional payments to the sellers of up to a total of $40 million over a four-year post-closing period ending June 30, 2015 if WBI achieves certain financial performance. WBI earned approximately $219 thousand and $7.1 million based on its financial performance for the earn-out periods ended June 30, 2013 and 2012, respectively. Included in earn-out obligations on the June 30, 2014 balance sheet is approximately $8.4 million, net of the current portion of approximately $1.5 million classified in current portion of earn-out obligations, which represents our best estimate of the present value. Changes in the fair value of the earn-out obligations are recorded as contract costs in the period of change through settlement. | |||||||||||||
The following table provides a reconciliation of the beginning and ending balance of the earn-out obligations measured at fair value on a recurring basis that used significant unobservable inputs (Level 3). | |||||||||||||
Current portion | Long-term portion | Total | |||||||||||
Balance as of December 31, 2013 | $ | - | $ | 9,062 | $ | 9,062 | |||||||
Fair value adjustment included in earnings | - | 787 | 787 | ||||||||||
Reclassification from long-term to short-term | 1,486 | (1,486 | ) | - | |||||||||
Balance as of June 30, 2014 | $ | 1,486 | $ | 8,363 | $ | 9,849 | |||||||
We utilize the Monte Carlo valuation model for our earn-out obligation. Significant unobservable inputs used to value the contingent consideration include projected earnings before interest, taxes, depreciation and amortization and the discount rate. The model used a discount rate of 10.5% as of June 30, 2014. If a significant increase or decrease in the discount rate occurred in isolation, the result could be a significantly lower or higher fair value measurement of our earn-out obligation. | |||||||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
(9) Discontinued Operations | |
During 2013 we abandoned the construction management operations of our wholly owned subsidiary Integrated Concepts and Research Corporation ("ICRC"). Prior to our decision to divest ICRC's operations in December 2012, ICRC participated in an arrangement to provide performance and payment bonding services for certain small business prime contractors associated with ICRC's construction management business. Under the arrangement, ICRC received subcontractor work from the small business prime contractors in exchange for indemnifying the surety company in respect of the performance and payment bonds it provided for the small business prime contractors. In October 2012, the surety company, at ICRC's request, ceased issuing bonds for the small business prime contractors, and in December 2012 ICRC ceased performing all work on construction projects when it discontinued its construction management operations. Bonds issued prior to December 2012 for construction projects that were not yet completed by the small business prime contractors remained in effect until the projects are completed by the small business prime contractors. | |
As of June 30, 2014, three of the projects that were bonded with ICRC as the indemnitor had not yet been completed and the aggregate bonded amount on these three projects was approximately $4.9 million. These bonded projects are the subject of claims and disputes involving the subcontractors associated with the projects. We have recorded an expense related to these claims and disputes of approximately $279 thousand and $894 thousand, net of tax, which is included in loss from discontinued operations for the three- and six-months ended June 30, 2014, respectively. We expect all remaining bonded projects to be completed in 2014. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
Recently Issued Accounting Pronouncements [Text Block] | ' |
(10) Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The ASU will become effective for us on January 1, 2017. We currently are assessing the impact that this standard will have on its consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||
Basic earnings per share ("EPS") have been computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of restricted stock awards. | |||||||||
Three months | Six months | ||||||||
ended June 30, | ended June 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic weighted average common shares outstanding | 5,355,698 | 5,333,077 | 5,351,589 | 5,325,275 | |||||
Effect of dilutive shares | 12,468 | 6,983 | 14,717 | 9,522 | |||||
Diluted weighted average common shares outstanding | 5,368,166 | 5,340,060 | 5,366,306 | 5,334,797 |
Business_Segments_and_Customer1
Business Segments and Customer Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Segments and Customer Information [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure | ' | ||||||||||||||||
Our segment information for the three- and six-months ended June 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Three months | Six months | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Supply Chain Management Group | $ | 42,313 | $ | 36,891 | $ | 82,936 | $ | 74,594 | |||||||||
International Group | 26,794 | 36,239 | 61,510 | 71,629 | |||||||||||||
Federal Group | 23,137 | 26,817 | 51,692 | 54,388 | |||||||||||||
IT, Energy and Management Consulting Group | 15,718 | 19,115 | 31,233 | 37,608 | |||||||||||||
Total revenues | $ | 107,962 | $ | 119,062 | $ | 227,371 | $ | 238,219 | |||||||||
Operating income: | |||||||||||||||||
Supply Chain Management Group | $ | 7,697 | $ | 6,974 | $ | 15,518 | $ | 13,129 | |||||||||
International Group | 759 | 1,473 | 3,148 | 3,166 | |||||||||||||
Federal Group | 887 | 2,510 | 1,216 | 3,641 | |||||||||||||
IT, Energy and Management Consulting Group | 1,832 | 2,492 | 3,285 | 3,731 | |||||||||||||
Corporate/unallocated expenses | (472 | ) | (748 | ) | (1,107 | ) | (1,024 | ) | |||||||||
Operating income | $ | 10,703 | $ | 12,701 | $ | 22,060 | $ | 22,643 | |||||||||
Revenue by Customer | ' | ||||||||||||||||
Customer Information | |||||||||||||||||
Our revenue by customer is as follows (in thousands): | |||||||||||||||||
Three months | Six months | ||||||||||||||||
ended June 30, | ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Source of Revenues | |||||||||||||||||
Army/Army Reserve | $ | 28,026 | $ | 28,161 | $ | 61,724 | $ | 59,754 | |||||||||
U.S. Navy | 24,142 | 27,745 | 48,756 | 53,149 | |||||||||||||
U.S. Air Force | 809 | 3,228 | 1,605 | 6,407 | |||||||||||||
Total - DoD | 52,977 | 59,134 | 112,085 | 119,310 | |||||||||||||
U.S. Postal Service | 41,263 | 34,446 | 80,592 | 68,828 | |||||||||||||
Department of Energy | 4,923 | 5,214 | 9,549 | 10,106 | |||||||||||||
Department of Treasury | 573 | 9,302 | 8,931 | 18,811 | |||||||||||||
Department of Interior | 500 | 2,809 | 695 | 5,544 | |||||||||||||
Other government | 6,788 | 7,577 | 13,772 | 14,466 | |||||||||||||
Total – Federal civilian agencies | 54,047 | 59,348 | 113,539 | 117,755 | |||||||||||||
Commercial | 938 | 580 | 1,747 | 1,154 | |||||||||||||
Total | $ | 107,962 | $ | 119,062 | $ | 227,371 | $ | 238,219 | |||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill by Operating Segment | ' | ||||||||||||||||
There were no changes in goodwill for the six months ended June 30, 2014. Goodwill by operating segment as of December 31, 2013 and June 30, 2014 is as follows (in thousands): | |||||||||||||||||
Supply Chain Management | IT, Energy and Management Consulting | Total | |||||||||||||||
Balance as of December 31, 2013 | $ | 61,169 | $ | 30,883 | $ | 92,052 | |||||||||||
Balance as of June 30, 2014 | $ | 61,169 | $ | 30,883 | $ | 92,052 | |||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||||||||||||
Intangible assets were comprised of the following (in thousands): | |||||||||||||||||
Cost | Accumulated Amortization | Accumulated | Net Intangible Assets | ||||||||||||||
Impairment Loss | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Contract and customer-related | $ | 93,304 | $ | (30,064 | ) | $ | (1,025 | ) | $ | 62,215 | |||||||
Acquired technologies | 12,400 | (3,460 | ) | - | 8,940 | ||||||||||||
Trade names – amortizable | 10,100 | (4,080 | ) | - | 6,020 | ||||||||||||
Total | $ | 115,804 | $ | (37,604 | ) | $ | (1,025 | ) | $ | 77,715 | |||||||
31-Dec-13 | |||||||||||||||||
Contract and customer-related | $ | 93,304 | $ | (26,287 | ) | $ | (1,025 | ) | $ | 65,992 | |||||||
Acquired technologies | 12,400 | (2,896 | ) | - | 9,504 | ||||||||||||
Trade names – amortizable | 10,100 | (3,339 | ) | - | 6,761 | ||||||||||||
Total | $ | 115,804 | $ | (32,522 | ) | $ | (1,025 | ) | $ | 82,257 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 and the level they fall within the fair value hierarchy (in thousands): | |||||||||||||
Amounts Recorded at Fair Value | Financial Statement Classification | Fair Value Hierarchy | Fair Value June 30, 2014 | Fair Value December 31, 2013 | |||||||||
Non-COLI assets held in DSC Plan | Other assets | Level 1 | $ | 232 | $ | 198 | |||||||
Interest rate swaps | Accrued expenses | Level 2 | - | $ | 326 | ||||||||
Earn-out obligation - current | Current portion of earn-out obligations | Level 3 | $ | 1,486 | - | ||||||||
Earn-out obligation - long-term | Earn-out obligations | Level 3 | $ | 8,363 | $ | 9,062 | |||||||
Fair Value Reconciliation, Unobservable Inputs | ' | ||||||||||||
The following table provides a reconciliation of the beginning and ending balance of the earn-out obligations measured at fair value on a recurring basis that used significant unobservable inputs (Level 3). | |||||||||||||
Current portion | Long-term portion | Total | |||||||||||
Balance as of December 31, 2013 | $ | - | $ | 9,062 | $ | 9,062 | |||||||
Fair value adjustment included in earnings | - | 787 | 787 | ||||||||||
Reclassification from long-term to short-term | 1,486 | (1,486 | ) | - | |||||||||
Balance as of June 30, 2014 | $ | 1,486 | $ | 8,363 | $ | 9,849 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 30-Jun-16 | ' | ' | ' |
Financing costs | ' | ' | ' | ' | $1,700,000 | ' |
Amortization period of debt issuance costs | ' | ' | ' | ' | '5Y | ' |
Borrowings outstanding | 46,900,000 | ' | 46,900,000 | ' | ' | 59,400,000 |
Term loan payments 2014 | 12,500,000 | ' | 12,500,000 | ' | ' | ' |
Term loan payments 2015 | 34,400,000 | ' | 34,400,000 | ' | ' | ' |
Revolving loans maximum borrowing capacity | 125,000,000 | ' | 125,000,000 | ' | ' | ' |
Revolving loans potential increment in maximum borrowing capacity | ' | ' | 175,000,000 | ' | ' | ' |
Revolving loans amount outstanding | 20,500,000 | ' | 20,500,000 | ' | ' | 30,300,000 |
Letters of credit outstanding | ' | ' | ' | ' | ' | 573,000 |
Debt outstanding | 67,400,000 | ' | 67,400,000 | ' | ' | 89,700,000 |
Interest rate range, minimum (in hundredths) | ' | ' | 1.90% | ' | ' | ' |
Interest rate range, maximum (in hundredths) | ' | ' | 3.25% | ' | ' | ' |
Effective interest rate (in hundredths) | 2.07% | ' | 2.07% | ' | ' | ' |
Interest expense, net | $586,000 | $987,000 | $1,300,000 | $2,000,000 | ' | ' |
LIBOR [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Base margin (in hundredths) | ' | ' | 1.75% | ' | ' | ' |
Base Rate [Member] | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Base margin (in hundredths) | ' | ' | 0.00% | ' | ' | ' |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation cost, net | ' | ' | $1,488 | $907 |
Restricted Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awarded (in shares) | ' | ' | 12,221 | ' |
Stock-based compensation expense | 440 | 240 | 1,500 | 907 |
Stock-based compensation cost, net | ' | ' | 314 | 257 |
Non-employee Directors Stock Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awarded (in shares) | ' | ' | 10,400 | ' |
Stock-based compensation expense | ' | ' | $486 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 5,355,698 | 5,333,077 | 5,351,589 | 5,325,275 |
Effect of dilutive shares | 12,468 | 6,983 | 14,717 | 9,522 |
Diluted weighted average common shares outstanding | 5,368,166 | 5,340,060 | 5,366,306 | 5,334,797 |
Business_Segments_and_Customer2
Business Segments and Customer Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable operating segments | ' | ' | 4 | ' |
Revenues | $107,962 | $119,062 | $227,371 | $238,219 |
Operating Income | 10,703 | 12,701 | 22,060 | 22,643 |
Supply Chain Management Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 42,313 | 36,891 | 82,936 | 74,594 |
Operating Income | 7,697 | 6,974 | 15,518 | 13,129 |
International Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 26,794 | 36,239 | 61,510 | 71,629 |
Operating Income | 759 | 1,473 | 3,148 | 3,166 |
Federal Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 23,137 | 26,817 | 51,692 | 54,388 |
Operating Income | 887 | 2,510 | 1,216 | 3,641 |
IT, Energy and Management Consulting Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 15,718 | 19,115 | 31,233 | 37,608 |
Operating Income | 1,832 | 2,492 | 3,285 | 3,731 |
Corporate/unallocated [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income | ($472) | ($748) | ($1,107) | ($1,024) |
Business_Segments_and_Customer3
Business Segments and Customer Information, Revenue by Customer (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | $107,962 | $119,062 | $227,371 | $238,219 |
U.S. Army/Army Reserve [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 28,026 | 28,161 | 61,724 | 59,754 |
U.S. Navy [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 24,142 | 27,745 | 48,756 | 53,149 |
U.S. Air Force [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 809 | 3,228 | 1,605 | 6,407 |
Total Department of Defense [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 52,977 | 59,134 | 112,085 | 119,310 |
U.S. Postal Service [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 41,263 | 34,446 | 80,592 | 68,828 |
Department of Treasury [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 573 | 9,302 | 8,931 | 18,811 |
Department of Interior [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 500 | 2,809 | 695 | 5,544 |
Department of Energy [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 4,923 | 5,214 | 9,549 | 10,106 |
Other government [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 6,788 | 7,577 | 13,772 | 14,466 |
Total Federal civilian agencies [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | 54,047 | 59,348 | 113,539 | 117,755 |
Commercial [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Revenue, by customer | $938 | $580 | $1,747 | $1,154 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $92,052,000 | ' | ' |
Balance as of June 30, 2014 | 92,052,000 | ' | 92,052,000 | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Contract-related | 93,304,000 | ' | 93,304,000 | ' | 93,304,000 |
Acquired technologies | 12,400,000 | ' | 12,400,000 | ' | 12,400,000 |
Trade name - amortizable | 10,100,000 | ' | 10,100,000 | ' | 10,100,000 |
Intangible assets, Total | 115,804,000 | ' | 115,804,000 | ' | 115,804,000 |
Accumulated Amortization | -37,604,000 | ' | -37,604,000 | ' | -32,522,000 |
Accumulated Impairment Loss | -1,025,000 | ' | -1,025,000 | ' | -1,025,000 |
Net Intangible Assets | 77,715,000 | ' | 77,715,000 | ' | 82,257,000 |
Amortization of Intangible Assets | 2,600,000 | 2,600,000 | 5,100,000 | 5,100,000 | ' |
Contract-Related [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Accumulated Amortization | -30,064,000 | ' | -30,064,000 | ' | -26,287,000 |
Accumulated Impairment Loss | -1,025,000 | ' | -1,025,000 | ' | -1,025,000 |
Net Intangible Assets | 62,215,000 | ' | 62,215,000 | ' | 65,992,000 |
Acquired Technologies [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Accumulated Amortization | -3,460,000 | ' | -3,460,000 | ' | -2,896,000 |
Accumulated Impairment Loss | 0 | ' | 0 | ' | 0 |
Net Intangible Assets | 8,940,000 | ' | 8,940,000 | ' | 9,504,000 |
Trade Names - Amortizable [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Accumulated Amortization | -4,080,000 | ' | -4,080,000 | ' | -3,339,000 |
Accumulated Impairment Loss | 0 | ' | 0 | ' | 0 |
Net Intangible Assets | 6,020,000 | ' | 6,020,000 | ' | 6,761,000 |
Supply Chain Management Group [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | ' | ' | 61,169,000 |
Balance as of June 30, 2014 | 61,169,000 | ' | 61,169,000 | ' | 61,169,000 |
IT, Energy and Management Consulting Group [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | ' | ' | 30,883,000 |
Balance as of June 30, 2014 | $30,883,000 | ' | $30,883,000 | ' | $30,883,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Earn-out obligations - current | $1,486,000 | ' | ' | $0 |
Earn-out obligations, less current portion | 8,363,000 | ' | ' | 9,062,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 9,062,000 | ' | ' | ' |
Maximum potential cash payment | 40,000,000 | ' | ' | ' |
Earn-out payments | ' | 7,100,000 | 219,000 | ' |
Fair value adjustment included in earnings | 787,000 | ' | ' | ' |
Fair Value Inputs, Discount Rate | 10.50% | ' | ' | ' |
Reclassification from long-term to short-term | 0 | ' | ' | ' |
Balance as of June 30, 2014 | 9,849,000 | ' | ' | ' |
Short Term Obligations [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 0 | ' | ' | ' |
Fair value adjustment included in earnings | 0 | ' | ' | ' |
Reclassification from long-term to short-term | 1,486,000 | ' | ' | ' |
Balance as of June 30, 2014 | 1,486,000 | ' | ' | ' |
Long Term Earn Out Obligations [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 9,062,000 | ' | ' | ' |
Fair value adjustment included in earnings | 787,000 | ' | ' | ' |
Reclassification from long-term to short-term | -1,486,000 | ' | ' | ' |
Balance as of June 30, 2014 | 8,363,000 | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Non-COLI assets held in DSC plan | 232,000 | ' | ' | 198,000 |
Fair Value, Inputs, Level 2 [Member] | Accrued Expenses [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Interest rate swaps | 0 | ' | ' | 326,000 |
Fair Value, Inputs, Level 3 [Member] | Current Portion of Earn Out Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Earn-out obligations - current | 1,486,000 | ' | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Earn-out Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Earn-out obligations, less current portion | $8,363,000 | ' | ' | $9,062,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Discontinued Operations [Abstract] | ' | ' |
Outstanding letters of credit, surety bonds, and third party guarantees | $4,900,000 | $4,900,000 |
Guarantor Obligations, Current Carrying Value | 894,000 | 894,000 |
Loss Contingency Accrual, Period Increase | $279,000 | $894,000 |